A first time homebuyer is confronted with a number of issues when he sets out to search for his dream home. Several factors affect the type of property one should buy. One has to judge the property on the parameters of affordability, location, amenities and various other requirements. While these factors always remain important, here we have tried to categorize the types of properties a first-time buyer must consider, along with the pros and cons of it.

A Flat in High-Rise Apartment:- A flat in a High-Rise Apartment and Branded Residence block is, by far, the most popular choice of the first -time buyers. Besides being affordable, it offers a good community environment to live with family.

Pros:

Several common amenities like gym, clubhouse, sports facilities, swimming pool, etc., can be availed.

Usually located near commercial areas, thus saving your commuting time.

Ample options to choose from in low-cost bracket.

Cons:

Maintenance and other costs may haunt you throughout.

If you are a ‘lone ranger’, apartments are not for you.

No flexibility to extend your area to a larger part or to modify the exteriors of your home.[Read more…]